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Romania's borrowing rates are around 6.7 pct, close to Hungary's and Poland's (FinMin)

Ministerul Finanțelor Publice
Adrian Caciu

Romania's borrowing rates are around 6.7 percent, similar to or close to Hungary's and Poland's, Finance Minister Adrian Caciu said on Wednesday, reiterating that government borrowing costs have been very high for about 10 years now.

"Government borrowing rates are currently about 6.7 percent, similar to or below Hungary's 6.8 percent, similar or close to Poland's current 6.4 percent. The key rate hikes operated in neighboring states in the past months have pushed their borrowing costs to a very high level. Why are interest rates so high? I am pleased to see that Mrs. Senator and former Finance Minister Dragu knows as well as myself that they are influenced by several elements, including the sovereign rating and the risks associated thereto," Caciu explained in Parliament at the "Government Question Time" requested by the Save Romania Union's (USR) parliamentary group.

USR Vice-Chairwoman, Senator Anca Dragu said that "the Finance Ministry's borrowing cost is concerning."

"It is the highest interest rate in the European Union, it is even above the interest paid by Serbia which isn't an EU country and whose sovereign rating is below investment grade," Anca Dragu said, mentioning also the higher corporate and retail mortgage interest rates, Agerpres.ro informs.

In this context, the Finance Minister stressed that the ratings, as well as outlooks have been kept steady for this period, adding that this is not the first time when Romania ends up among the highest-cost borrowers in Europe.

"I think there are 10 years now that Romania has been borrowing very expensively, but this comes from a structural context and your question was this: How to bring the rating in a favorable area, what to do to increase the country's ratings. This requires Romania to do a lot of structural reform, economic reform in particular, and the government's policy is aimed towards the reconversion from a consumer economy to a production economy," the Finance Minister said, underscoring that added value and more skilled labor are needed.

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